Declaration of trust in Prestwick
The short answer
Record who owns what share
- Price from
- £500.00
- Time on site
- 1 to 2 hours (consultation)
What you get
You receive a bespoke, legally drafted Declaration of Trust that clearly outlines each party's financial contributions and beneficial ownership of a property.
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When do you need a Declaration of trust?
You need this whenever you buy a home with another person but pay different amounts. It is very important for friends or unmarried couples.
- When buying as tenants in common
- If one person pays a bigger deposit
- When parents contribute to the cost
- If you pay different mortgage amounts
- When one person pays for big renovations
What happens on the day
Your solicitor will give you the final document to read and sign. You must check every figure is correct before you put pen to paper.
- Review all percentage splits carefully
- Confirm the deposit amounts are right
- Sign with an independent witness present
- Ensure the witness provides their full details
- Get a certified copy for your records
- Ask about Land Registry restrictions
How to prepare
- Agree on your ownership percentages
- List everyone's exact deposit amounts
- Decide who pays the mortgage
- Find an independent adult witness
- Gather proof of your identity
- Calculate any stamp duty contributions
- Discuss what happens if you split
- Check if parents want money back
How to improve your result
- Keep records of all home improvements
- Save receipts for new windows or roofs
- Update the deed if shares change
- Review the trust if you marry
- Keep your copy in a fireproof safe
- Tell your mortgage lender your plans
Why it is useful day to day
Having this document gives you peace of mind while you live in your home. You can relax knowing your hard-earned savings are safe.
- Avoids stressful legal battles later
- Keeps family relationships healthy and clear
- Protects inheritance for your children
- Makes selling the house much faster
- Proves your financial stake to others
Why we ask these questions
This document answers the tricky questions about your money so you do not have to. It makes sure everyone is treated fairly if life changes.
- Who gets their deposit back first
- How to split the final profit
- What happens if someone wants to sell
- How monthly bills are shared out
- Who can buy the other person out
Frequently asked questions
Often needed alongside
Transfer of equity
Add or remove an owner
Conveyancing: Purchase
Legal work to buy a property
Stamp duty advice
SDLT calculation and reliefs
- Fixed price
Valuation
Market, probate or lending valuation
Legal indemnity & title insurance
Covers missing consents and title defects
Remortgage legal work
Legal work when switching lender